Victory Capital Management Inc. Sells 414,336 Shares of SouthState Co. (NASDAQ:SSB)

Victory Capital Management Inc. lessened its stake in SouthState Co. (NASDAQ:SSB) by 14.8% in the 3rd quarter, Holdings Channel.com reports. The firm owned 2,388,037 shares of the bank’s stock after selling 414,336 shares during the quarter. Victory Capital Management Inc.’s holdings in SouthState were worth $232,069,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of SSB. SageView Advisory Group LLC purchased a new stake in SouthState during the 1st quarter valued at $879,000. Janney Montgomery Scott LLC boosted its position in shares of SouthState by 107.4% during the first quarter. Janney Montgomery Scott LLC now owns 19,006 shares of the bank’s stock valued at $1,616,000 after buying an additional 9,843 shares during the last quarter. Entropy Technologies LP bought a new stake in SouthState in the 1st quarter worth about $562,000. Wealth Enhancement Advisory Services LLC increased its holdings in SouthState by 234.5% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 26,208 shares of the bank’s stock worth $2,003,000 after buying an additional 18,374 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in SouthState by 14.4% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 123,482 shares of the bank’s stock worth $9,437,000 after buying an additional 15,500 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

Insider Transactions at SouthState

In related news, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the sale, the insider now owns 33,328 shares of the company’s stock, valued at $3,332,800. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the transaction, the insider now owns 33,328 shares in the company, valued at approximately $3,332,800. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the sale, the chief financial officer now owns 36,964 shares in the company, valued at $3,696,400. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.26% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SSB shares. DA Davidson raised their price target on shares of SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a report on Friday, July 26th. Piper Sandler raised their target price on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Hovde Group boosted their target price on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Truist Financial dropped their price target on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Finally, Citigroup started coverage on SouthState in a report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, SouthState has a consensus rating of “Moderate Buy” and an average target price of $105.11.

SouthState Price Performance

SSB stock traded down $0.34 during trading on Tuesday, reaching $110.64. The company’s stock had a trading volume of 68,575 shares, compared to its average volume of 484,146. The company has a quick ratio of 0.90, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. The company’s fifty day moving average is $97.99 and its 200-day moving average is $88.20. The company has a market capitalization of $8.44 billion, a P/E ratio of 17.13 and a beta of 0.66. SouthState Co. has a 1 year low of $67.72 and a 1 year high of $113.14.

SouthState (NASDAQ:SSB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.64 by $0.26. The firm had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The firm’s revenue was down .4% on a year-over-year basis. During the same quarter last year, the business posted $1.62 earnings per share. On average, research analysts expect that SouthState Co. will post 6.92 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 8th will be issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend is Friday, November 8th. SouthState’s dividend payout ratio (DPR) is presently 33.33%.

SouthState Company Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.